The NCB Atrium onTrafalgar Road in NewKingston
NCB eyes top three in the region
Hits record $28.6 billion in profits
It came two years later than anticipated but it’s nonetheless a milestone for the National Commercial Bank Financial Group (NCBFG), which reported its highest profit in history at $28.6 billion for its year ended September 30, 2018.
The performance, which represents a 50 per cent increase in year over year net profit, placed NCBFG among the top five financial institutions in the English and Spanish speaking-Caribbean — an accomplishment the company was hoping to achieve at year end 2016.
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“A few years ago we had aspired to be among the top five, so in [a] real sense we are there. In fact, if we look at our year end performance and we look at how others are trending, our performance is likely — unless something exceptional happens — to put us among the top three in the region,” President and Group Chief Executive Officer Patrick Hylton told stakeholders during NCBFG’s investor briefing held at NCB Wellness Centre in Kingston.
In 2011 the Group rolled out its “5 in 5” strategy which cited regional expansion as a key objective for continued growth. A major goal outlined in this plan was for NCBFG to become one of the top five financial services institutions in the English and Spanish speaking Caribbean, within five years – but up to last year NCBFG maintained its position among the top 10 in the Caribbean as measured by net profit.
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NCBFG, in an e-mailed response to queries from the Jamaica Observer, said each year the Group does a comparative analysis with other financial institutions in the English and Spanish-speaking Caribbean, based on the availability of financial results.
The banks include the Popular Bank (Puerto Rico), Scotiabank, Republic Bank, FirstCaribbean Bank, Banco BHD León (Dominican Republic), Banco de Reservas (DR), First Citizens (Trinidad and Tobago), Oriental Financial Group (Puerto Rico), and Commonwealth Bank Bahamas.
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“This is by no means a small accomplishment and I wish to thank all our stakeholders, in particular our staff, and our customers, who are giving us the opportunity to serve them,” Group CFO, Dennis Cohen said.
Even higher than the 50 per cent growth in year-over-year net profit was NCBFG’s fourth quarter results which jumped 74 per cent over the comparative quarter of 2017. The quarterly performance represents NCBFG’s second highest performance in history, topped only by its first quarter of the 2018 financial year.
According to the financial institution, the growth was attributable to operating income which grew by 29 per cent, or $17.1 billion, to $76.5 billion. Growth in income was primarily driven by gains from foreign currency and investment activities which grew by 102 per cent to $7.9 billion, resulting from an improved macro-economic environment coupled with high levels of liquidity in the local currency and declining interest rates.
Net interest increased by 18 per cent or $5.4 billion, attributable to the consolidation of Clarien’s results and growth in the Jamaican portfolio. Net fees and commissions also grew 15 per cent or $2.1 billion, while premium income increased 14 per cent or $1.1 billion.
The Group’s loans and advances, net of provision for credit losses, totalled $372.6 billion an increase of $154 billion or 70 per cent. Credit card receivables also increased by 14 per cent while NCB’s Cayman portfolio grew by 67 per cent.
Cohen noted that deposits at the institution jumped by $196.4 billion or 68 per cent to $484.4 billion, primarily driven by the consolidation of Clarien. Locally, NCB’s retail and corporate banking segment accounted for a total combined increase of 18 per cent.
The record performance pushed stockholders’ equity up $14 billion to total $130 billion. Total assets of the company climbed to $978.6 billion, a 41 per cent increase over last year’s $693.7 billion.
Earnings per share of the financial institution rose to $11.39, a 46 per cent increase over $7.76 in 2017.
On Thursday, NCB declared interim dividends of 0.70 cents per ordinary stock payable on December 7. Shares of the company on Friday traded at $133.00.
HYLTON… a few years ago we aspired to be amongthe top five, and now we are there(Photo: Garfield Robinson)
